Elevation Oncology Reports First Quarter 2025 Financial Results and Provides Business Updates

Core Insights - Elevation Oncology presented preclinical data for EO-1022, a HER3 antibody-drug conjugate (ADC), at the AACR Annual Meeting, indicating its potential as a differentiated treatment option for HER3-expressing solid tumors [1][2][7] - The company plans to file an Investigational New Drug (IND) application for EO-1022 in 2026 [1][3][11] - Elevation Oncology has a cash runway expected to last into the second half of 2026, with an estimated cash balance of $30 million to $35 million by June 30, 2025 [5][6] Recent Business Updates - The company is focusing on EO-1022 for treating HER3-expressing solid tumors, including breast cancer and non-small cell lung cancer [3][11] - In March 2025, Elevation Oncology discontinued the development of EO-3021 and reduced its workforce by approximately 70% [4] - The company is exploring strategic alternatives to maximize shareholder value, with no set timetable for completion of this review [4][2] Financial Outlook - As of March 31, 2025, Elevation Oncology reported $80.7 million in cash, cash equivalents, and marketable securities [5][14] - Research and development expenses for Q1 2025 were $6.9 million, an increase from $6.0 million in Q1 2024, primarily due to costs associated with EO-1022 [8][14] - The net loss for Q1 2025 was $14.2 million, compared to a net loss of $10.7 million in Q1 2024 [10][14]